UBU: Free Tokens? Universal Basic Income Explained

Project UBU is a South African cryptocurrency start-up which we first announced their initial offering late 2017. The project offers everyone who signs up, free tokens daily. We talk about the concept of a Universal Basic Income and what it mean’s to be an UBU citizen.

UBU stands for “Universal Basic Unit”, the ambitious project aims to tackle global poverty using blockchain technology combined with the idea of Universal Basic Income in an attempt to provide automatic free income in the form of cryptocurrency tokens. Just by signing up to become an UBU citizen you will start receiving 100 tokens daily which will automatically be added to your UBU wallet.

Want to become an UBU citizen and get 100 free tokens everyday? Click here and get an additional 500 free tokens just for signing-up.

Universal Basic Income is not a new concept, infact, it first appeared in the 16th century. The idea is that every citizen of a country, or in UBU’s case, the world, should receive a basic income. The income has no requirements and should be unconditional, every citizen should receive it whether they are employed or not.

The idea sparks controversy among economists, there have been a number of trials conducted worldwide in the US, Canada and Namibia, among others. Many see it as a possible answer to the increasing level automation experienced across jobs and industry. Their are prominent advocates of such a system including the likes of billionaires Elon Musk, Richard Branson and Mark Zuckerberg, founder of facebook.

Now you might be asking, What can I buy with these tokens, does anyone accept them? UBU team has managed to get a number of vendors already to start accepting the token for goods and services. One can already purchase items such as airtime, app store vouchers, coffee and over 400 other deals currently available through their app.

Project UBU has experienced some success already claiming to have signed up some 65,000 citizen’s already by early 2019. The team has also said that they expect their cryptocurrency token “UBX” to launch on a stock exchange in Switzerland before the end of 2019, they expect it to list at a price of $15 per UBX tokens and once listed citizen’s will be able to exchange 1000 of their accumulated UBU tokens for UBX.